GATE ME 2022 Set 2 — Question 32
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Industrial Engineering → Production Planning & Control → Forecasting Models
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Question
An electric car manufacturer underestimated the January sales of car by units, while the actual sales was units. If the manufacturer uses exponential smoothing method with a smoothing constant of , then the sales forecast for the month of February of the same year is ___________units (in integer).
Correct answer
104 to 104
Solution
In exponential smoothing, the forecast for the next period () is given by:where is the forecast for the current period, is the actual sales, and is the smoothing constant.
Given:
Actual sales for January, units.
Underestimation for January = units.
Smoothing constant, .
From the underestimation, we find the January forecast:Now, calculate the forecast for February:
Given:
Actual sales for January, units.
Underestimation for January = units.
Smoothing constant, .
From the underestimation, we find the January forecast:Now, calculate the forecast for February:
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